The Fed’s disclosure last week that it would launch a fresh QE programme saw investors continue to push markets higher. GBP/USD made a session high of 1.6233, some 22 pips short of the Friday high at 1.6255 which represents the High since April earlier this year. The analysts at Ace Traders see price continuing to range below Friday’s high and a move below 1.62 would signify that a temporary top has been found. Today’s economic calendar is extremely light for both sides of the Atlantic with EU Current Account and Italian Trade Balance data at 08:00 GMT, EU Trade Balance figures at 09:00 GMT and US Empire Manufacturing at 12:30 GMT. However neither of these figures is expected to make an impact on price behavior today.
Equity futures are slightly down indicating a lower open.